Chinese bike-sharing platform Hellobike established a new robotaxi firm on Monday, teaming up with fintech giant Ant Group and electric vehicle battery provider Contemporary Amperex Technology Co Ltd to accelerate the adoption of Level 4 autonomous driving technology.

The three companies have invested more than 3 billion yuan ($417.4 million) in the new firm as an initial investment, Hellobike said in a statement.

With a registered fund of 1.29 billion yuan, the new company located in Shanghai will focus on the research and development of Level 4 autonomous driving technology, safe application and commercialization.

The three parties have signed strategic cooperation agreements in April to develop L4 autonomous driving technology based on their own technological and resource advantages, enhance the safety and reliability of the self-driving technology, and promote its commercial application.